OPEC Pumps At Highest In 2018, But Iran Slump Curbs Supply Boost

OPEC’s oil production in September rose by 90,000 bpd from August to 32.85 million bpd—the highest level so far this year, but a plunge in Iranian production partly offset higher production in Saudi Arabia, Angola, and Libya, according to the monthly Reuters survey of OPEC supply published on Monday. Oil production in Iran dropped by 100,000 bpd from August to stand at 3.45 million bpd in September, the survey found , while Venezuela’s production further dropped to 1.25 million bpd last month from 1.30 million bpd in August. These losses resulted in the 12 OPEC members bound by the supply cut deal—all OPEC members excluding Libya and Nigeria and recently joined Congo—actually pumping 70,000 bpd less in September than in August, according to the Reuters survey, which suggests that the core OPEC members are not doing ‘everything it takes’ to fill in the gap in supply declines in Iran […]